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JCR-VIS Assigns Rating To Pakistan's First Basel 3 Compliant Tier 1 Sukuk By Meezan Bank Limited
Fakhir Rizvi Published June 06, 2018 | 06:10 PM
JCR-VIS Credit Rating Company Limited has assigned preliminary rating of double A minus to Meezan Bank Limited's (MBL) proposed Basel 3 compliant Tier-1 Sukuk.
KARACHI, (UrduPoint / Pakistan Point News - 6th Jun, 2018 ) :JCR-VIS Credit Rating Company Limited has assigned preliminary rating of double A minus to Meezan Bank Limited's (MBL) proposed Basel 3 compliant Tier-1 Sukuk.
The outlook on the assigned rating is `Stable'. Rating will be finalized upon review of signed legal documents, said press release on Wednesday.
MBL is in the process of issuing Pakistan's first privately placed/ OTC Listed, perpetual, unsecured, subordinated, non-cumulative and contingent convertible Shariah compliant Sukuk amounting up to Rs 7 billion.
The issue proceeds will contribute towards the bank's additional Tier-1 (ADT-1) capital and will be utilized towards enhancement of the bank's business operations. MBL's ADT-1 instrument will rank ahead of claims of ordinary shareholders.
Ratings also reflect relative risk of the ADT-1 instrument including profit servicing from only earnings for the year, conversion feature in the event of pre-specified trigger events, lock-in clause and point of non-viability in terms of regulatory requirements.
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